Just last week, we saw some weakness in Singtel with it breaking the 3.55 support level…
Has been holding above this level for more than 2 years since 2016 and finally it just couldn’t hold anymore..
Some downside target were drawn to 3.35 then which was the next critical support that held 2 year ago…
See chart below….
Over the past few days, coupled with market weakness, we have seen more selling with a low at 3.37 today before some buying coming back...
This is normal given the sell down we have seen...
Likely to see some consolidation from 3.35 to 3.50 now before any direction...
Longer term downtrend still looks intact below 3.50 now...
The thing is, we had a bearish entry signal last week, just before the sell down... (see below live chart)
Still No Exits on that signal yet...
Any firm move below 3.35 can pave the way to 3.20 then 3.00 next, cautious...
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